NCCPL announces CGT collection on May 29

KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Wednesday announced that Capital Gain Tax (CGT) for April 2020 will be collected on May 29, 2020.

The NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period April 01, 2020 to April 30, 2020, would be collected on Friday May 29, 2020 through respective settling banks of the clearing members.

The NCCPL asked all clearing members to ensure requisite amount in their respective settling bank’s account.

Necessary details and reports for the said period have already been made available in the CGT system, it said.

Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period April 01, 2020 to April 30, 2020, would also be collected from the Pakistan Mercantile Exchange on Friday May 29, 2020. Necessary details and reports for the said period have already been made available.

Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period April 01, 2020 to April 30, 2020. Necessary details and reports have already been made available in the CGT System.

Clearing Members and Pakistan Mercantile Exchange are advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.

The NCCPL warned that in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.

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